South Korea Stock Market May Extend Winning Streak

(RTTNews) - The South Korea stock market has moved higher in three straight sessions, collecting more than 60 points or 2.4 percent along the way. The KOSPI now rests just above the 2,580-point plateau and it may add to its winnings on Friday.

The global forecast for the Asian markets is upbeat on easing concerns over the outlook for interest rates. The European and U.S. markets were mostly in the green and the Asian bourses are expected to open in similar fashion.

The KOSPI finished sharply higher on Thursday following gains from the technology stocks, chemical companies and automobile producers, while the financial sector was soft.

For the day, the index jumped 34.78 points or 1.36 percent to finish at 2,583.17 after trading between 2,555.98 and 2,583.74. Volume was 669.19 million shares worth 16.82 trillion won. There were 571 gainers and 309 decliners.

Among the actives, Shinhan Financial fell 0.31 percent, while KB Financial tanked 3.17 percent, Hana Financial shed 0.49 percent, Samsung Electronics perked 0.18 percent, Samsung SDI spiked 3.46 percent, LG Electronics added 0.51 percent, SK Hynix jumped 1.81 percent, Naver stumbled 2.00 percent, LG Chem surged 4.32 percent, Lotte Chemical skyrocketed 10.86 percent, SK Innovation advanced 0.93 percent, POSCO Holdings soared 4.34 percent, SK Telecom gained 0.54 percent, KEPCO rose 0.24 percent, Hyundai Mobis was up 0.21 percent, Hyundai Motor accelerated 4.24 percent and Kia Motors rallied 3.27 percent.

The lead from Wall Street is strong as the major averages opened slightly higher on Thursday but only continued to strengthen as the day progressed, ending near session highs.

The Dow jumped 342.87 points or 0.77 percent to finish at 44,711.43, while the NASDAQ surged 295.69 points or 1.50 percent to close at 19,945.64 and the S&P 500 rallied 63.10 points or 1.04 percent to end at 6,115.07.

The rally on Wall Street came after the Labor Department released its report on producer price inflation in January. While the headline number rose by more than expected, components of the Federal Reserve's preferred inflation reading were relatively tame.

The data helped to ease concerns about the outlook for interest rates after Wednesday's consumer price numbers came in hitter than expected.

A separate report from the Labor Department showed first-time claims for U.S. unemployment benefits fell by slightly more than expected last week.

Closer to home, South Korea will see unemployment data for January later this morning; the jobless rate is expected to hold steady at 3.7 percent.